So why do I talk about the benefits of failure? Simply because failure meant a stripping away of the inessential. I stopped pretending to myself that I was anything other than what I was, and began to direct all my energy into finishing the only work that mattered to me. Had I really succeeded at anything else, I might never have found the determination to succeed in the one arena I believed I truly belonged. I was set free, because my greatest fear had been realised, and I was still alive, and I still had a daughter whom I adored, and I had an old typewriter and a big idea. And so rock bottom became the solid foundation on which I rebuilt my life.
How has a failure, or apparent failure, set you up for later success? Do you have a favourite failure?
Question
What is something everyone in your world agrees about that you think is wrong?
Values & belief
Question
What are bad recommendations you hear in your profession or area of expertise?
Craft & work
Yes. Having lived through an era, where I was thinking of going to graduate school and was strongly discouraged because I would never be able to do anything but teach in a city college … Ah ha ha, life has changed!
Adam Smith, Telephone interview recorded immediately after the prize announcement, Nobel Prize Outreach, 12 October 2009 source ↗
Others on this question
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J.K. Rowling
Novelist and screenwriter
Adam Peaty
British swimmer; Olympic champion 2016 and 2021
When I lost that 100m final I spiralled. I went quite aggressive. It is an Adam I don't really recognise.
Tasuku Honjo
Japanese immunologist and Nobel laureate
No, no. Well, you know, biology is such a complex system. It’s totally different from the engineering. We cannot design. Many people tried to find the therapy for cancer, but all failed. And myself, I never expected my research, working on the immune system, would lead to the cancer therapy. But, in a sense, I’m very fortunate that I also thought about it. You know, you have to try many things and if you’re lucky you can hit, but you have to pursue. That’s my feeling.
Recorded
Adam Smith, Telephone interview recorded shortly after the prize announcement, Nobel Prize Outreach, 1 October 2018
source ↗
Charlie Munger
Vice chairman of Berkshire Hathaway, 1978–2023
Life will have terrible blows, horrible blows, unfair blows. Doesn't matter. And some people recover and others don't. And there I think the attitude of Epictetus is the best. He thought that every mischance in life was an opportunity to behave well. Every mischance in life was an opportunity to learn something and your duty was not to be submerged in self-pity, but to utilize the terrible blow in a constructive fashion.
More from Elinor Ostrom
View profile →Yes, we're showing that. But we're also showing a very important role for face-to-face or even written communication. So, the prediction was that nobody would self-monitor because that's a second level social dilemma, if you go to Game Theory. But, what we've found is that people will, but it can be … people can escalate into, 'I'll punish you, you punish him, mamamamamma,' and it gets worse and worse. So, with communication, where there's an agreement on what is going to be the … what we are going to do. The 'we' then being well-defined, then people can follow rules, be cooperative and, occasionally, sanction one another to help that continue.
Recorded
Adam Smith, Telephone interview recorded immediately after the prize announcement, Nobel Prize Outreach, 12 October 2009
source ↗
Yes, but not with a formula. So there are many, many efforts now to decentralize and they create a rigid formula and give people rules from on top and say, 'Now it's yours.' And that isn't worked very well either. … And, you think about the variety. If you look at a countryside, think of the variety out there in terms of the ecological variety. Well, if people are going to manage ecological variety, no single set of rules will work in a semi-arid versus a tropical-wet region. They have to be different.
Recorded
Adam Smith, Telephone interview recorded immediately after the prize announcement, Nobel Prize Outreach, 12 October 2009
source ↗
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